Low oil prices affect Kazakhistan's economy
Business |
The budget of Kazakhstan for 2015 will be revised due to declining oil prices, said the country's national finance minister on Saturday.
The announcement came from the National Finance Minister of Kazakhstan Yerbolat Dosayev after the oil price slump, and the new budget will based on oil price around $50.
Kazakhstans First Deputy Prime Minister Bakytzhan Sagintayev has announced that in Oct. 2014 the 2015 budget for the country was revised according to $80 or below for a barrel of crude oil.
Kazakhstan, an oil producer since 1911, has the second-largest oil reserves as well as the second-largest oil production among the former Soviet republics after Russia, according to U.S. Energy Information Administration.
Kazakhstan also exports crude oil via the Caspian Sea and via rail.
The price of Brent crude oil dipped below $46 per barrel, in 13 Jan. sets new record low since March 2009.
Both benchmarks have declined almost 60 percent in the last seven months, reaching their lowest point since March 2009, and have seen their fastest fall since 2008.
The sudden decline in oil prices came after the U.S. investment bank Goldman Sachs slashed its projections for 2015 crude oil prices by more than $25 early in a report.
The glut of oil supply in the world's markets, low global demand for oil, and the slow growth rate of Asian and European economies are viewed as the main factors behind the slump of oil prices.
Anadolu Agency
Kazakhstans First Deputy Prime Minister Bakytzhan Sagintayev has announced that in Oct. 2014 the 2015 budget for the country was revised according to $80 or below for a barrel of crude oil.
Kazakhstan, an oil producer since 1911, has the second-largest oil reserves as well as the second-largest oil production among the former Soviet republics after Russia, according to U.S. Energy Information Administration.
Kazakhstan also exports crude oil via the Caspian Sea and via rail.
The price of Brent crude oil dipped below $46 per barrel, in 13 Jan. sets new record low since March 2009.
Both benchmarks have declined almost 60 percent in the last seven months, reaching their lowest point since March 2009, and have seen their fastest fall since 2008.
The sudden decline in oil prices came after the U.S. investment bank Goldman Sachs slashed its projections for 2015 crude oil prices by more than $25 early in a report.
The glut of oil supply in the world's markets, low global demand for oil, and the slow growth rate of Asian and European economies are viewed as the main factors behind the slump of oil prices.
Anadolu Agency
